Ficci and Singapore Business Federation sign MoU for bilateral cooperation

NEW DELHI: The Federation of Indian Chambers of Commerce & Industry (FICCI) and Singapore Business Federation (SBF) signed a Bilateral Cooperation Agreement to give a fillip to bilateral trade, investment opportunities, and industrial cooperation including expansion of joint ventures, technological collaboration both bilaterally and in third countries.

The agreement was signed by Naina Lal Kidwai, senior vice president, FICCI and Gautam Banerjee, vice chairman, SBF at the inaugural session of India-Singapore Business Forum-2012.

According to the agreement,FICCI and SBF will strive to facilitate, strengthen and diversify the cooperation between the firms of the industrial and service sector of the two countries, for pursuing a constant expansion of the trade and Investment between India-Singapore.

This would be done through exchange of business delegations, adoption of common positions, statements or declarations in support of improving the India-Singapore trade and investment relationship, exchange of information on matters of reciprocal interest with regard to the respective countries: economic trends, legislation on trade and investments, incentives, business opportunities, exhibitions and fairs.

FICCI and SBF will also develop joint initiatives in specific sectors within the scope of their competence. For this purpose SBF and FICCI will promote trade and investment missions in the country of the partner organization, focused on the highlighted sectors. The industrial and the service sector shall be taken into consideration in order to expand the scope of collaboration.

In order to expand the scale and increase the level of bilateral economic cooperation, both sides shall seek the collaboration of other institutions and organizations, such as government bodies, banks and other financial institutions, chambers of commerce, universities and companies.